I think that yes, the execs are greedy, but there are also two other problems:
Shareholders are also greedy, arguably even more greedy than company employees (executives are employees).
Developers have been overhiring, which is generally a symptom of someone not knowing what they are doing thinking that hiring more people makes things faster/better when actually the opposite is the case.
Out of touch, greedy executives that dont know what theyre doing, trying to meet unreasonable demands of shareholders? Yeah, perfect storm material.